Circuit City improvements reflected in stock: Fulcrum

SusanLerner

NEW YORK (CBS.MW) -- Fulcrum Global Partners on Wednesday downgraded shares of Circuit City Stores
CC, +0.52%
to "neutral" from "buy," telling clients that the consumer electronics retailer was "moving in the right direction" but that improvements at the company were already reflected in the stock price. Analyst Stacey Widlitz boosted her price target to $18 from $17 but said it was not enough to maintain a "buy" rating. "As long as CC continues to show upside, increase strength of its balance sheet, improve and focus on store metrics, which are driving margins and business, we think the stock will continue to react positively, although we do not think gains will be in a straight line," Widlitz wrote in a research note. The analyst also noted concerns about a worsening competitive landscape and increasingly tough comparisons. Circuit City shares closed down 2.9 percent at $16.99 Tuesday.

Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.